Note 3 - Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2025

Cash, Cash Equivalent, and Short-Term Investment [Text Block]

Note 3 – Cash Equivalents and Investments

As of March 31, 2025, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of March 31, 2025	Cost Basis		Unrealized Gains		Unrealized Losses			Aggregate Fair Value

U.S. Treasury Securities	$	35,310,020	$	350	$	(4	)	$	35,310,366
Money Market Accounts		4,203,626		—		—			4,203,626
Total	$	39,513,646	$	350	$	(4	)	$	39,513,992

As of March 31, 2025, an available-for-sale security was at an unrealized-loss position of $4, which has been recorded in other comprehensive loss on the Company’s balance sheet. This unrealized loss has no material impact on the Company’s liquidity or cash flows. U.S. Treasury securities have a low level of inherent credit risk, and the change in fair value reflects market movements rather than concern about credit quality.

As of December 31, 2024, the Company had money market accounts and available-for-sale investments with contractual maturities of three months or less categorized as cash equivalents as follows:

As of December 31, 2024	Cost Basis		Unrealized Gains		Unrealized Losses		Aggregate Fair Value

U.S. Treasury Securities	$	40,969,665	$	57,731	$	—	$	41,027,396
Money Market Accounts		4,504,250		—		—		4,504,250
Total	$	45,473,915	$	57,731	$	—	$	45,531,646

As of December 31, 2024, there were no available-for-sale securities in an unrealized-loss position.

As of March 31, 2025, and December 31, 2024, the Company had held-to-maturity investments (U.S. Treasury securities) with contractual maturities of over three months to one year. These investments are reported as held-to-maturity because the Company has both the positive intent and ability to hold these investments to maturity; they are stated at amortized cost, adjusted for the amortization of any related premiums or the accretion of any related discounts into interest income.

As of March 31, 2025, and December 31, 2024, held-to-maturity investments had a combined book value of $14.8 million and $14.4 million, respectively.

As of March 31, 2025	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Market Value

U.S. Treasury Securities	$	14,841,251	$	9,071	$	262	$	14,850,060
Total	$	14,841,251	$	9,071	$	262	$	14,850,060

As of March 31, 2025, the aggregate fair value of three held-to-maturity securities was $262 lower than the recorded amortized cost. The Company has assessed these securities for credit impairment and has determined that no impairment exists and that there is no material impact on the Company’s liquidity or cash flows. U.S. Treasury securities have a low level of inherent credit risk, and the change in fair value reflects market movements rather than concern about credit quality.

As of December 31, 2024	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Market Value

U.S. Treasury Securities	$	14,395,913	$	10,863	$	—	$	14,406,776
Total	$	14,395,913	$	10,863	$	—	$	14,406,776

As of December 31, 2024, there were no held-to-maturity securities in an unrealized-loss position.

See Note 2 for additional discussion regarding the Company’s fair value measurements.